Korean consumers flock to buffet restaurants amid rising dining costs

SEOUL, May 13 (AJU PRESS) - Burdened by rising dining costs and service charges, Korean consumers are increasingly turning to all-you-can-eat buffets as an alternative to traditional restaurants where food is priced per dish, recent statistics show. According to data released by Statistics Korea early this month, dining costs increased by 3 percent in April, compared to the same period of last year, outpacing the average consumer price hike of 2.9 percent. The surge in dining costs

May 13, 2024

Samsung tops European microwave oven market for 9th consecutive year

SEOUL, May 13 (AJU PRESS) - Samsung Electronics has retained its top position in the European microwave oven market for the ninth consecutive year in 2022. Samsung captured a 15.3 percent market share, continuing its leadership since 2015, the Korean company said Sunday, citing market research firm Euromonitor’s data based on a survey of 19 European markets. The company attributed the success to its strategic approach in catering to European customers’ interest in kit

May 13, 2024

HD Hyundai unveils model of AI-based unmanned surface vessel in partnership with Palantir

SEOUL, May 10 (AJU PRESS) - HD Hyundai has unveiled a model of its artificial intelligence-based unmanned surface vessel (USV) for the first time at a U.S. AI industry fair. HD Hyundai is developing the advanced military vessel, Tenebris, jointly with Palantir, a U.S. big data company. The two companies showcased the USV model at the AI EXPO for National Competitiveness in Washington, D.C., held from Tuesday to Wednesday (local time). The 17-meter, 14-ton lightweight vessel is

May 10, 2024

From niche market to game changer: Sugar-free craze sweeps Korean food industry

SEOUL, May 09 (AJU PRESS) – From fried chickens to rice cakes and even hangover cures, Korean food and beverage makers are jumping on the sugar-free bandwagon, transforming once a niche market into the industry’s game changer. Catering to a growing number of health-conscious consumers, the market witnessed an explosive growth in recent years. Experts predict further expansion as technological advancements enable a wider variety of low and no-sugar options while maintaini

May 10, 2024

SK E&S constructs world's largest liquified hydrogen plant

SEOUL, May 09 (AJU PRESS) - SK E&S, the green energy arm of Korea's SK Group, has constructed the world's largest hydrogen liquefaction plant in the western port city of Incheon. The company held the dedication ceremony Wednesday for the plant with an annual capacity of 30,000 tons of liquid hydrogen, enough to fuel 5,000 hydrogen buses for a year. SK E&S said it has invested about 700 billion won ($511.7 million) in the construction between 2021 and 2023. Liquefi

May 9, 2024

LIG Nex1 displays guided missiles at defense exhibition in Kuala Lumpur

SEOUL, May 08 (AJU PRESS) - LIG Nex1 is displaying its mid-range surface-to-air missile defense system "Cheongung-II" at the Defence Services Asia (DSA), which kicked off on Monday for a four-day run in Kuala Lumpur, Malaysia. More than 1,200 companies from some 60 countries are participating in the defense exhibition hosted by the Malaysian government. The Cheongung-II, also known as M-SAM, features the function of intercepting ballistic missiles at an altitude of ab

May 8, 2024

Coupang swings to net loss in first quarter amid growing competition from Chinese rivals

SEOUL, May 08 (AJU PRESS) - Korea's e-commerce giant, Coupang, turned to a net loss in the first quarter in the face of growing competition from Chinese rivals, namely Aliexpress and Temu, the company announced Wednesday. Coupang reported a net loss of $24 million (31.9 billion won) for the first three months of 2024, snapping its six-quarter run of profitability. Sales increased 28 percent year-on-year to $7.11 billion. But operating profit plummeted 61 percent to $40 million

May 8, 2024

Hanwha Q Cells begins operation of second solar module factory in US

SEOUL, May 08 (AJU PRESS) - Hanwha Q Cells, the solar power unit of Korea's Hanwha Group, has begun operation of its second solar module factory in the United States. The company said Tuesday it completed the construction of its new plant in Cartersville, Georgia, last month, capable of generating 3.3 gigawatts of solar modules annually. Together with its plant in Dalton, Georgia, Hanwha now has a total annual capacity of 8.4 gigawatts in the U.S., sufficient to power about 1

May 8, 2024

Korean oil refiners ramp up car wash business amid declining profit margins

SEOUL, May 07 (AJU PRESS) – Major Korean oil refiners are expanding their presence in the market of automatic no-brush tunnel car washes as part of efforts to improve their bottom line as higher oil prices and operating costs are squeezing their profit margins. HD Hyundai Oil Bank signed a cooperation agreement with domestic unmanned no-brush car wash service operator Come In Wash last week to accelerate the distribution of an automated no-brush tunnel car wash system to its

May 7, 2024

Harmful substances found in toys sold on Chinese e-commerce platforms

SEOUL, May 02 (AJU PRESS) - Seoul City has discovered excessive levels of harmful substances, including lead and banned chemicals, in children’s toys and stationery items sold on Chinese e-commerce platforms including Aliexpress, officials said Thursday. Korean law requires sellers and importers of children's products to obtain safety certification, imposing penalties for violating the rule. However, the law does not apply to products purchased directly from overseas onl

May 2, 2024